Atria Investments Inc Sells 48,520 Shares of Bank of America Corporation $BAC

Atria Investments Inc lowered its position in Bank of America Corporation (NYSE:BAC) by 10.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 434,512 shares of the financial services provider’s stock after selling 48,520 shares during the period. Atria Investments Inc’s holdings in Bank of America were worth $20,561,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Spinnaker Trust grew its position in Bank of America by 6.3% in the 2nd quarter. Spinnaker Trust now owns 15,111 shares of the financial services provider’s stock valued at $715,000 after purchasing an additional 900 shares during the period. Savvy Advisors Inc. lifted its stake in shares of Bank of America by 21.6% in the second quarter. Savvy Advisors Inc. now owns 38,509 shares of the financial services provider’s stock valued at $1,822,000 after buying an additional 6,848 shares in the last quarter. Premier Path Wealth Partners LLC grew its holdings in shares of Bank of America by 7.4% during the second quarter. Premier Path Wealth Partners LLC now owns 46,313 shares of the financial services provider’s stock valued at $2,192,000 after buying an additional 3,182 shares during the last quarter. World Investment Advisors increased its position in shares of Bank of America by 5.1% during the second quarter. World Investment Advisors now owns 158,707 shares of the financial services provider’s stock worth $7,510,000 after acquiring an additional 7,705 shares in the last quarter. Finally, Daymark Wealth Partners LLC raised its holdings in shares of Bank of America by 8.6% in the 2nd quarter. Daymark Wealth Partners LLC now owns 60,915 shares of the financial services provider’s stock worth $2,882,000 after acquiring an additional 4,806 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Stock Performance

BAC stock opened at $52.58 on Thursday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. The firm has a market cap of $389.43 billion, a PE ratio of 14.33, a P/E/G ratio of 2.00 and a beta of 1.33. The business has a 50 day moving average of $50.86 and a 200-day moving average of $46.80. Bank of America Corporation has a 12-month low of $33.06 and a 12-month high of $53.28.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The business had revenue of $28.09 billion for the quarter, compared to analysts’ expectations of $27.05 billion. During the same quarter in the previous year, the firm earned $0.81 earnings per share. The business’s revenue was up 10.8% on a year-over-year basis. As a group, sell-side analysts expect that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, December 5th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, December 5th. This represents a $1.12 annualized dividend and a yield of 2.1%. Bank of America’s dividend payout ratio is presently 30.52%.

Bank of America announced that its Board of Directors has initiated a stock buyback program on Wednesday, July 23rd that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of research firms have issued reports on BAC. TD Cowen lifted their price target on Bank of America from $59.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Wells Fargo & Company raised their target price on Bank of America from $60.00 to $62.00 and gave the company an “overweight” rating in a report on Monday. Erste Group Bank raised Bank of America from a “hold” rating to a “buy” rating in a research report on Friday, October 3rd. Evercore ISI increased their price target on Bank of America from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, October 16th. Finally, Phillip Securities raised their price objective on Bank of America from $50.00 to $56.00 in a research note on Tuesday, October 21st. Twenty-three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $57.27.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of Bank of America stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $45.57, for a total value of $6,762,177.87. Following the sale, the insider owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.30% of the company’s stock.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.